M.Y. Safra Bank Ups 13-Month No-Penalty CD Rate

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Deal Summary: 13-month MYSB Direct Online No-Penalty CD, 5.00% APY, $5k minimum deposit, new money, two penalty-free withdrawals.

Availability: Nationwide

In late October 2023, New York-based M.Y. Safra Bank (MYSB) began offering a 13-month No-Penalty CD (NP CD) that had a mediocre 4.85% APY. (In mid-November 2023, there were eight nationally available NP CDs with terms of at least 11 months with higher APYs.) MYSB increased the 13-month MYSB NP CD rate to 5.00% APY this week, placing it in the upper third of the NP CD category in yesterday’s Liquid Summary (and in second place for NP CDs with terms of at least 11 months.) The 13-month NP CD requires a minimum deposit of $5k of new money, which is defined as funds not currently on deposit with MYSB.

APYMINMAXINSTITUTIONPRODUCTDETAILS
5.00%$5k-M.Y. Safra Bank13 Month MYSB Direct Online No-Penalty CD - New Money
Rates as of April 23, 2024.

As stated on the landing page,

  • Early withdrawal of funds without penalty is permitted up to two times. The third withdrawal request will result in the closure of the account.
  • You may not withdraw the principal amount of a No-Penalty CD for the first six (6) days following the date on which the account was funded or within six days of the most recent partial withdrawal.
  • $5,000 minimum balance to earn stated APY for No-Penalty CD. We reserve the right to treat any withdrawal which would reduce the balance remaining in the account below the required minimum balance of $5,000 as a close out of the account.

Availability and Account Opening

Headquartered in New York City, M.Y. Safra Bank was established when T. Rowe Price Group Inc., sold its Baltimore-based T. Rowe Price Savings Bank in 2013 to New York financier and banker, Jacob E. Safra. The sale of the Bank was prompted by new regulations affecting the banking industry.

According to the promo page fine print, the Online Promo CDs can be opened by “US Citizens and Resident Aliens depositing new funds into consumer accounts only” and must be opened online.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH or wire transfer.
  • Ownership – Must be opened as an individual account, but a joint owned can be added after account opening.
  • Interest – Compounded/credited monthly; can be paid out via ACH or cashier’s check to address on file.
  • Maturing Funds – ACH, wire ($20 fee), cashier’s check to the address on file, or internal transfer to a M.Y. Safra savings or checking account.
  • Beneficiaries – Unlimited and percentages can be assigned, Social Security numbers are not required.
  • Grace Period –7 calendar days before automatic renewal.
  • Credit Check – ChexSystems and OFAC.

Bank Overview

M.Y. Safra Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.02% (excellent), based on September 30, 2023 data. In the past year, MYSB’s total non-brokered deposits have decreased by -$2.5 million, an average annual growth rate of -1.01%. Please refer to our financial overview of M.Y. Safra Bank (FDIC Certificate # 35154) for more details.

Currently the 84the largest bank headquartered in New York, M.Y. Safra Bank has assets in excess of $364 million. Although MYSB opened its doors in 2013, the Safra family has been associated with banking for far longer.

For centuries, the Safra name, meaning gold, has been synonymous with sustained trust and reliability. The Safra family first rose to prominence while financing 19th century trade to Asia, Africa, the Americas, and Europe. The patriarch of the contemporary Safra dynasty, Jacob E. Safra, began working at age 13 under the tutelage of his uncle at Safra Frères & Cie., headquartered in Aleppo, Syria. In 1920, he established his own bank in Beirut, Jacob Safra Maison de Banque, marking the first step in extending the Safra legacy of prudent banking practices to the four corners of the world.

Jacob E. Safra’s son, esteemed banker and financier Edmond J. Safra, advanced his family’s legacy by founding a world-renowned bank in Switzerland before arriving in New York in the early 1960s to establish what became Republic National Bank. Within twenty years, Republic grew to be one of America’s largest banks. Having successfully built a global network of banking excellence, he championed the Safra family principles of discretion and service in every institution that he built.

Although the bank's name looks like “My Safra Bank”, it actually refers to Moise Y. Safra, Jacob E. Safra’s second son, a legendary Brazilian banker.

How the 13-Month MYSB No-Penalty CD Compares

When compared to other nationally available no-penalty CDs tracked by DepositAccounts.com that have a term of at least 11 months, one credit union has a higher rate than offered on the M.Y. Safra Bank 13-month MYSB No- Penalty CD. The following table compares the 13-month MYSB No- Penalty CD APY to the four highest-rate No Penalty CD APYs from other banks/credit unions with nationwide market areas.

The above information and rates are accurate as of 1/11/2024.

For the best no-penalty CD rates, please refer to our No Penalty CD Rates Table of the Latest Liquid Bank Account Rates summary.

Related Pages: New York CD rates, 1-year CD rates, nationwide deals, Internet banks

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Availability: Nationwide

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Deal Summary: Online Promo CDs – 12-month (2.21% APY), 60-month (2.88% APY) $5k min deposit, new money.

Availability: Nationwide

M.Y. Safra Bank (MYSB) introduced its Online Promo CDs in March 2017, as the Bank ventured into internet banking. MYSB marked the first anniversary with modest rate increases across the board. A month later, MYSB has raised the rates on the 12-month (2.21% APY) and 60-month (2.88% APY). A minimum of $5k of new money is required to open any of the Online Promo CDs.

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Availability: Nationwide

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